09/12/2019 | Press release | Distributed by Public on 09/12/2019 02:10
Activities of Latvijas Banka regarding the issuance of collector coins and 2 euro commemorative coins
Since 1993, Latvijas Banka has issued 98 lats collector coins and 33 euro collector coins with over 50 Latvian artists having participated in designing them.
Latvian coins have earned high international respect and a number of prestigious awards; moreover, the 'Coin of Latvia' won the international 2010 Coin of the Year Award at the contest organised by US Krause Publications and its magazine World Coin News. In 2015, the silver collector coin 'The Baltic Way' was recognised as the Best Contemporary Event Coin at this contest. In 2018, the collector coin 'National Entrepreneur' was announced the Most Artistic Coin of the Year at the contest.
The Coin Design Commission of Latvijas Banka (the former Commission for the Thematic Concept of the Banknotes and Coins), operational since 12 November 1993, plays an important role in the coin issuing process. The Commission consists of the employees of Latvijas Banka, outstanding Latvian experts of art and culture as well as artists and scientists.
After the introduction of the euro, Latvijas Banka carries on the tradition of issuing collector coin series with motifs characteristic of Latvia and executed in high artistic quality. These coins are legal tender only in the issuing country. They are unlikely to come into general circulation, for, by nature, they are works of art enjoying high demand from the numismatic community and other interested parties.
The face value of collector coins must differ from that of coins in general circulation (it must be, e.g. 5 euro or 10 euro). Their specifications, including colour, diameter, weight, material, etc., shall be cardinally distinctive from those of the coins in general circulation.
The issuance of 2 euro commemorative coins (2 euro circulation coins of special design) is another area of coin art. Each year, every euro area country is entitled to issue two 2 euro commemorative coins (similar to 1 lats special circulation coins previously issued in Latvia), featuring events of national, European or global significance. The euro area countries can additionally produce a third 2 euro commemorative coin, provided that it is issued jointly and that it commemorates events of European Union-wide importance.
Commemorative coins bear the same features and the same common or European side as the normal 2 euro circulation coins, while their national sides differ and feature a national commemorating motif.
Euro commemorative coins are legal tender throughout the euro area. This means they can be used - and must be accepted - just like any other euro coin.